Wow, I saw a great deal on the Coin Vault!
SeattleSlammer
Posts: 9,970 ✭✭✭✭✭
So I was watching the Coin Vault last night out of sheer boredom. And while it has been pointed out numerous times on this forum that the Coin Vault sucks, I have to add my .02. They really, really, really suck!! They were selling AU NGC slabbed common date Morgans (80-S, 84-O, etc.....) for $39.95 each! The NGC slabs were a bit different than I've seen: they just said "Almost Uncirculated" and didn't even have the usual AU58 grade listed. Wow, what a steal! (for them, that is)
Anyways, I just wanted to vent. You can always depend upon the Coin Vault to rip off the average grandmotherly viewer.
Anyways, I just wanted to vent. You can always depend upon the Coin Vault to rip off the average grandmotherly viewer.
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Russ, NCNE
I think Lou Revels (PCI fame) used to be a prinipal in one of the incarnations of that show.
Oh what a wicked web we weave......
NEVER LET HIPPO MOUTH OVERLOAD HUMMINGBIRD BUTT!!!
WORK HARDER!!!!
Millions on WELFARE depend on you!
That being said, $40 for one of these coins doesn't sound that unreasonable (if they aren't gouging you on shipping).
These coins are worth about $20 or a little less raw correct?
It cost an individual about $15 or more to get a coin slabbed by NGC (by the time you include grading fees and shipping charges)
Add a $5 because Coin Vault has to make some money.
Total: $40
Obviously this isn't a bargan, but for people who don't live near a coin shop and don't feel like taking the time to educatethem selves, this particular item doesn't seem to be that outragous.
Where is the flaw in my think?
(Discount the fact that from what I've heard about Coin Vault I'm sure the saleman made it sound like your getting a "bargin" when you are not).
Novice collector, occasionally selling some coins on eBay. Click HERE to see all my auctions.
Not bad thinking, actually. Interesting point. I always seem to forget the whole slabbing fee....I guess I base my disgust on the fact that most people can easily pick up a a MS63 or MS64 common date slabbed Morgan for $40....somewhere along the line, the slabs' cost seems to get eaten.
I guess I should save my real hatred of the Coin Vault for when they offer raw coins at three times retail. That way the slab isn't an issue.
And as for making a buck, good point. I agree that too often coin buyers think they have the right to buy nice coins at wholesale levels....in which case the seller makes nothing. I'm all for letting the seller make a reasonable percentage. $5 bucks on every $50 bucks seems okay to me if I'm buying an especially pretty coin (which is the kind of coin I'm always buying).
<< <i>Let me first say that I like Coin Vault about as much as the next collector here in the forum.
That being said, $40 for one of these coins doesn't sound that unreasonable (if they aren't gouging you on shipping).
These coins are worth about $20 or a little less raw correct?
It cost an individual about $15 or more to get a coin slabbed by NGC (by the time you include grading fees and shipping charges)
Add a $5 because Coin Vault has to make some money.
Total: $40
Obviously this isn't a bargan, but for people who don't live near a coin shop and don't feel like taking the time to educatethem selves, this particular item doesn't seem to be that outragous.
Where is the flaw in my think?
(Discount the fact that from what I've heard about Coin Vault I'm sure the saleman made it sound like your getting a "bargin" when you are not). >>
I think the value of the coins raw (common-date AU Morgans) would be about $14. I would also assume that the Coin Vault gets a volume discount from NGC, so maybe they are paying only $8-$10 per coin. Total of about $25, sell for $40.
New collectors, please educate yourself before spending money on coins; there are people who believe that using numismatic knowledge to rip the naïve is what this hobby is all about.
10%, do people feed their families on 10%? Seems kind of low to cover expenses and still make a profit to me.
Novice collector, occasionally selling some coins on eBay. Click HERE to see all my auctions.
If they would only replace Robert Chambers with Julian Barberi I think it would be great and a huge benefit to the numismatic community!
Michael
But a part of my point was trying to compare prices if I tried to do it my self.
I live about 30 miles away from the nearest coin shop. My SUV gets an average of 16 mpg, that's 60 miles round trip or about 3.75 gallons of gas. The gas I buy has been running about 1.59 a gallon, so gas cost me about 5.96, so the cost of the coin raw totals $19.96. (yea, yea, I know that's not a totally fair comparison, I'll just wait til the next time I'm in town anyway rather than making a special trip).
Since I'm trying to do this my self, I will not get a volume discount (that would be like trying to go to Wal-Mart and expect the shampoo to be $0.75 for one bottle rather than $0.99 because you can go to Sam's Club and buy an 8 pack of shampoo for $6). So by the time I pay for grader fees, shipping charges, and packaging material, I'm going to have spent about $15 or more for grading.
Net cost doing it myself:
$35 + time and hassle (and use of my knowledge of the coin industry)
and you could easily argue that the extra $5 + S/H is worth the difference in price.
As for me, I'll pass because I visit the local coin shop a few times a month anyway, and I seem to recall that they had PCGS-MS63 Morgans for something like $35.
...or you could buy one online for $15 somewhere where someone had a bad submission... CoinVault overhypes and lies about their products and is just a terrible venue.
I cannot believe that stupid show continues to be a topic of discussion on these boards! You guys need something watch in the middle of the night, pop in a DVD.
From what little I've seen (I don't have cable), I've got no arguments or further insites as it relates to that statement.